The Three Factors in Smart Shopping

The Internet has opened up a new frontier in shopping for industry. There are many sources to find the right products at the right price.

With so many choices in suppliers, we feel guilty if we don’t perceive we are getting good prices and getting good value. Perception means a lot in our shopping experience.

The Trust Factor

Most of us would be happy to find a supplier we can trust to consistently deliver both good prices and value. That trust factor is a biggie. It allows us to rely on a vendor and not have to spend time and energy checking every vendor available every time we need something.

Suppliers know this, so a supplier’s priority should be to earn your trust. You measure their performance across a number of transactions. The supplier does what they promise to do; over and over again, and thereby earns your trust.

The Price Factor

Obviously, price is a factor in most cases. No one wants to pay top dollar for goods that are available from a number of sources.

Price is not as straightforward as it would appear. Price is what you pay but often there is more than just dollars involved. Price is more of a measure on what you give up to acquire something.

If you give up convenience, this adds to the price. If you give up quality, this adds to the price. If you give up time, this adds to the price.

Being penny-wise and pound-foolish is the bane of all good project management. Spending inordinate time chasing and sourcing certain aspects can really add up.

A low price can be offered, yet if the other equally important ingredients are not there, the price is meaningless. As Ben Franklin said, “The bitterness of poor quality remains long after the sweetness of low price is forgotten.”

The Confidence Factor

We want to be confident that we are getting a good price and not overpaying. We want to be confident in our trust of our suppliers. Confidence on these fronts means you can call a supplier and let them work for you to solve your problem.

Doing business with a supplier should be easy. When trust, price and confidence factors are in alignment everyone’s job gets easier. True value is achieved because you are getting the biggest bang for your buck.

A trusted supplier should be like a trusted pick-up truck; functional yet comfortable to get you through your workday.